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Richard Walls | mapacific

The Age of Plastic Money in Your Pocket

May 19th 2015 at 5:54 AM

Money is the most basic need as well as greed of today’s world. Money can fetch one almost everything that he has ever desired for. A wallet full of notes was once considered a rich wallet but now a wallet full of credit cards is considered rich. There are many card transaction processing solutions available in the market now. There was a time when wanted to go and shop, the individual had to take an approximate sum of money along with him and just in case the shopping bill happens to be beyond the amount taken by the individual, the situation is awkward and problematic but now, it is the age of plastic money in the pockets, just one credit card or debit card in the pocket, and everything is just already sorted. Now one can shop enough without worrying about the bundle of notes in the pocket. The payment transactions can be done through a credit or a debit card. The situation does not become awkward as long as your credit card limit expires or there is not enough balance in the savings account for debit card.

A credit card is a small plastic card issued by a bank or similar institution which is used as payment card by the users. It allows the purchaser to buy and hold things on credit. Whereas a debit card is also a kind of payment card used for a system of payment only but it only transfers the money from your savings account to the seller’s account electronically. A debit card just provides the card holder an electronic access to the individual’s account whereas the credit card gives the freedom to pay an amount not existing in the bank account also. It is like borrowing money from the bank for a while. Some banks and banking institution offer a small period of zero interest as well. If one pays back by that time, no interest is levied else small interest is applied on the sum borrowed.

Card Portfolios and ATM Operations needs to be checked priory before one applies for a credit card or a debit card. Visa and Master Card are the most common types of cards used these days. Where there are advantages there can be some disadvantages to the use of credit and debit cards. There can be some high cost or hidden cost involved which an individual should pay attention to at the time of purchase. The freedom with credit cards at times makes it over use and the interest levied when not paid timely can reduce the entire benefits made so far on shopping by paying through a payment card. A debit card is mostly used for all the ATM operations which require a pin whereas credit card does not even demand a pin. The consequences of theft of credit or debit card can be more devastating than a wallet with certain amount of money got stolen.

The author often writes articles on Card Portfolios and ATM Operations. He studies Card Transaction Processing Solutions and offers informative articles to public.

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